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Amendments › HF 648

Amendment H-1272 to HF 648

Providing for the expungement of information regarding investment advisers and investment adviser representatives authorized to do business in this state

Adopted · May 1, 2023

Filed April 20, 2023 in the House by

What it changes

AI summary This amendment adds a requirement that the investment adviser or representative must be an Iowa citizen at the time the information was recorded or when the petition is filed. It also changes the requirement for removing information from being "defamatory" to being "false" and specifies that the information must come from a dispute involving the adviser, their representative, or a client.1

Read the amendment’s wording
  1. Page 1, by striking lines 9 and 10 and inserting “sitting in equity to expunge information in a record in the investment adviser registration depository as provided in this section.”
  2. Page 1, by striking lines 11 through 17 and inserting: “
  3. The commissioner of insurance, or the investment adviser that reported the information in the record in the investment adviser registration depository, may be named as a respondent or as respondents in the proceeding to expunge the information.”
  4. Page 1, by striking lines 19 and 20 and inserting “expungement of the information in the record, and all references to such information in other records, in the investment adviser registration depository, if all of the following apply:”
  5. Page 1, after line 22 by inserting: “b. The investment adviser, or the investment adviser representative, was a citizen of this state, when either of the following occurred: (1) The information was first included in the record. (2) The petition to expunge the information was filed in district court.”
  6. Page 1, by striking line 23 and inserting: “c. The information arises out of a dispute involving the investment adviser, or investment adviser representative, or a client of the investment adviser.”
  7. Page 1, line 24, by striking “c.” and inserting “d.”
  8. Page 1, line 29, by striking “defamatory” and inserting “false”
  9. Page 1, line 30, by striking “d.” and inserting “(4)”
  10. Page 1, line 33, by striking “e.” and inserting “(5)”
  11. By striking page 1, line 35, through page 2, line
  13. Page 2, line 3, by striking “
  14. ” and inserting “
  15. ”
  16. By renumbering, redesignating, and correcting internal references as necessary. -1- HF 648.1866.S (1) 90 mb 1/ 1

Official amendment (PDF) · In the Bill Book